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Wuycik purchased equipment on December 31,2022. The company gave a down payment of $5,250 and...

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Accounting

Wuycik purchased equipment on December 31,2022. The company gave a down payment of $5,250 and signed a 7-year promissory note for the balance due. The note requires Wuycik to make annual payments of $4,979 with the first payment due on December 31,2023. The prevailing market rate of interest for comparable notes is 9%.

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